Planning for Freedom
This consists of a collection of popular articles and speeches by Mises, most of which have been annotated elsewhere. The general theme of the collection is that there is no "third way" between capitalism and socialism. Interventionist measures by their nature cannot achieve the purposes of their proponents. Unless abandoned, further intervention will ensue, eventually leading to full government domination of the economy.
Mises believes that the doctrines of Lord Keynes, which he does not view as genuine economics at all, have played a particularly unfortunate role in promoting antifree market trends.
Although most of the compilation consists of "popular" expositions, the essay "Profit and Loss" (also published separately) is an important contribution to theory. Mises here notes that profit is by no means automatic in the capitalist system. It is in fact a "temporary" phenomenon, and depends upon the success of particular entrepreneurs in fulfilling the needs of consumers. In partial contrast to the later work of his student Israel M. Kirzner, Mises thinks of entrepreneurs as in large measure the same people as capitalists. The entrepreneurial function is of course different from that of the capitalist: profit is not the same as interest. But it does not follow from this that the groups in these two roles consist of different people.
Ludwig von Mises:
An Annotated Bibliography